News Report Technology
July 02, 2024

Chromia Gears Up To Launch Minimum Viable Product Mainnet On July 16

In Brief

Chromia will launch the MVP mainnet on July 16th, establishing the foundations of the network and marking the genesis of CHR token.

Chromia Gears Up To Launch Minimum Viable Product Mainnet On July 16

Layer 1 relational blockchain platform Chromia (CHR) announced its intention to launch the minimum viable product (MVP) mainnet on July 16th.

“The MVP Mainnet marks a huge step forward for Chromia, our ecosystem, and the blockchain space,” said Or Perelman, co-founder of Chromia, to MPost. “The MVP Mainnet paves the way for the full launch and does so in a sustainable way. On MVP Mainnet, we expect to see developers and users begin to migrate over, learn to use Rell, and get a taste of what a relational blockchain can offer. It gives our ecosystem the opportunity to grow and prepare for the full release,” he added.

The MVP Mainnet will lay down the foundation for Chromia and mark the genesis of the native CHR token. Its introduction will fuel the transition of the current CHR token, originally issued as ERC-20 on Ethereum and BEP-20 on BNB Chain, to be interoperable with the MVP Mainnet.

Once operational, the MVP Mainnet will commence key CHR functionalities, encompassing the facilitation of network hosting fee payments and provider payouts, exclusively managed in  Chromia’s MVP Mainnet infrastructure.

What Is Chromia Network?

It operates as a Layer 1 relational blockchain, employing a modular framework to support builders and users with tailored decentralized application (dApp) blockchains, adjustable fee structures, and increased digital assets. It changes the way data is organized on the blockchain, offering real-time indexed natively queryable data. This approach aims to enhance the end-user experience while supporting new Web3 business models.

The platform distinguishes itself by innovating traditional blockchain economics. Developers can lease resource containers, fostering new revenue streams and reducing friction for end-users, as well as facilitating new business models. This allows the blockchain to offer a simplified overall user experience, while remaining dedicated to keeping the decentralized and permissionless nature inherent in blockchain technology. For instance, users can engage with dApps without needing to possess any cryptocurrency, promoting accessibility and usability.

Following the launch of the MVP Mainnet, which solidifies Chromia‘s core network operations, the platform anticipates a gradual uptick in network activity as its next phase of evolution. This growth is expected to increase the Total Value Locked (TVL) as more ecosystem projects introduce dApps and enable the bridging of additional assets from Ethereum Virtual Machine (EVM) blockchains to Chromia.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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